NEWARK, Del, Feb. 20, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global sleep gummy market is expected to grow from US$ 447.1 million in 2024 to US$ 908.2 million by 2034. It is estimated to witness a 7.3% CAGR in the assessment period 2024 to 2034.
The growing number of sleep disorders among consumers is driving the sleep gummy market's expansion. The need to treat illnesses that induce sleep deprivation, such as mental disorders, physical ailments & disturbances, and environmental factors, is further propelling the sleep gummy market.
The demand for sleep gummies is expected to rise as more people have insomnia due to high levels of stress. The growing inclination toward natural health goods and the rising popularity of functional food items like gummies all contribute to the market expansion.
The sleep gummy market is further expanding due to the increasing popularity of gummies among consumers due to their taste and health advantages. The introduction of sleep gummies as an extra snack and aid in sustaining good sleep without a prescription fuels the industry's growth.
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Key Takeaways from the Report:
- The market is expected to reach a valuation of US$ 908.2 million by 2034.
- Global demand for sleep gummies is set to surge at 7.3% CAGR over the forecast period.
- Europe is projected to hold a value share of 23.9% in the global market by 2034.
- The United States sleep gummy market is projected to reach a valuation of US$ 163.5 million by 2034.
- India is estimated to witness a value CAGR of 6.1% during the projection period.
"Introducing flavors and textures for limited-edition and seasonal gummies is expected to generate buzz and boost sales at particular periods of the year or for special events. When consumers buy sleep gummies, brands are set to provide personalized choices that let them select the tastes and textures they want. This results in a distinctive and customized experience." -Nandini Roy Choudhury, Client Partner at Future Market Insights
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Competitive Landscape
Leading companies in the market are Olly Sleep, Nature Made Sleep, Vitafusion SleepWell, Zarbee's Naturals Sleep, and Natrol Melatonin. Key players are developing new sleep gummy formulations by researching and incorporating effective sleep-enhancing ingredients. Innovations often include creating tailored products for specific sleep concerns or demographics.
Effective marketing campaigns, educational content, and expert or influencer endorsements help companies build strong brand identities and trust among consumers. Players also adhere to strict quality control measures, ensuring their sleep gummies meet regulatory standards and consistently deliver high quality and safety.
For instance,
- In January 2023, Vicks launched ‘ZzzQuil Natura gummies,’ which is a sleep supplement.
- In November 2022, Natrol introduced MelatoninMax, a sleep supplement product offering 10 milligrams of melatonin in a single gummy.
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Sleep Gummy Market Segmentation by Category
By Primary Ingredient:
- Melatonin
- Herbal Extracts
- Magnesium
- L-theanine
- Vitamin and Minerals
- Dietary Fiber
- Prebiotics and Probiotics
- Polyunsaturated and Fatty Acids
- Antioxidants
By Customer Orientation:
- Men
- Sleep Support
- Relaxation
- Sleep Cycle Regulation
- Women
- Sleep Support
- Relaxation
- Sleep Cycle Regulation
- Skin Repair
- Geriatric
- Sleep Support
- Relaxation
- Sleep Cycle Regulation
By Pack Size:
- 30-Count
- 60-Count
- 90-Count
- 120-Count or Higher
By Sales Channel:
- Prescription-based
- Over the Counter
- Modern Trade
- Hospital Pharmacies
- Retail Pharmacies
- Drug Store
- Online Pharmacies
By Product Claim:
- Organic
- Vegan
- All Natural
- Regular
By Region:
- Latin America
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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